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Global Fixed Income Series

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Investment Objective

To provide long-term total return by investing principally in fixed income securities of issuers located anywhere in the world.

This Series provides access to a diversified portfolio of developed and emerging market bonds primarily consisting of government debt and investment-grade corporate debt, bank debt, securitized/collateralized instruments, and money market securities. A substantial portion of its assets may be in high-yield, high-risk bonds. At least 40% of the portfolio will be invested in non-U.S. securities.

May be Appropriate for Investors:

Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations and investing in foreign securities

Seeking to diversify a portfolio by adding a global bond component

A Word About Risk

There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Additionally, funds whose investments are concentrated in foreign countries may be subject to fluctuating currency values, different accounting standards, and economic and political instability.

Fund Facts

Ticker

MNGSX

CUSIP

56382P179

Inception Date

04/01/2013

Account Minimum

$2,000*

Expense Ratio Before Fee Waiver

0.88%

Expense Ratio After Fee Waiver

0.86%

†

*May be waived for certain qualified retirement plans and participants in an automatic investment program.

†

Includes a shareholder servicing fee of 0.15% Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2017) without the approval of the Fund’s Board of Directors.

Annualized Performance
1(as of 11/30/2016)

Year-to-Date (01/01/2016 - 11/30/2016)

0.22%

One Year (12/01/2015 - 11/30/2016)

-0.98%

Three Year (12/01/2013 - 11/30/2016)

-1.70%

Inception (10/01/2012 - 11/30/2016)

-1.11%

Top Ten Investments
2(as of 11/30/2016)

TREASURY NOTES

10.08%

GOVERNMENT AGENCY

7.88%

BONOS Y OBLIG DEL ESTADO 5.40000 01/31/2023

4.83%

KOREA TREASURY BOND 2.00000 12/10/2017

2.69%

BUONI POLIENNALI DEL TES 5.50000 11/01/2022

2.48%

BONO Y OBLIG DEL ESTADO 1.60000 04/30/2025

2.20%

MEX BONOS DESARR FIX RT 7.75000 12/14/2017

2.12%

UK TSY 1.75% 2022 1.75000 09/07/2022

2.03%

TREASURY BONDS

2.00%

UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023

1.92%

1

Inception performance is based on the Global Fixed Income Series Class I inception of 10/01/2012. For periods prior to 04/01/2013 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares’ charges and expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

2

Top Ten Investments list is unaudited and excludes cash.

Investments will change over time.

View data:

MonthlyQuarterly

Annualized Performance
1(as of 11/30/2016)

Year-to-Date (01/01/2016 - 11/30/2016)

0.22%

One Year (12/01/2015 - 11/30/2016)

-0.98%

Three Year (12/01/2013 - 11/30/2016)

-1.70%

Inception (10/01/2012 - 11/30/2016)

-1.11%

Daily Price (NAV)
(as of 12/07/2016)

Price / Share

$9.20

Change ($)

0.02

Change (%)

0.22

Expense Ratio

Before Fee Waiver

0.88%

After Fee Waiver

0.86%

†

†

Includes a shareholder servicing fee of 0.15% Reflects the Advisor’s contractual agreement to limit its fees and reimburse certain expenses. The contractual waiver may not be amended or terminated prior to the expiration date (04/30/2017) without the approval of the Fund’s Board of Directors.

1

Inception performance is based on the Global Fixed Income Series Class I inception of 10/01/2012. For periods prior to 04/01/2013 (the inception date of the Class S shares), performance for the Class S shares is hypothetical and is based on the historical performance of the Class I shares adjusted for the Class S shares’ charges and expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Sector Allocation (as of 11/30/2016)

Government

43.70%

Treasury

15.56%

Agency

4.53%

Cash

1.25%

Corporate

28.64%

Mortgage

6.32%

Credit Quality Distribution (as of 11/30/2016)

AAA

38.50%

AA

9.59%

A

17.27%

BBB

24.04%

BB

3.79%

B

3.27%

CCC

0.61%

NR

2.93%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.